How is a hard money loan paid back.

[Jerry Cima]

You get a hard money investor willing to loan you $125k at 10% for a 1 year term & origination fee of 1%. Doesn't that mean that within the first month you need to pony up 1.25k for the origination fee & about 8.8k for the first "mortgage" payment? Then another $8.8k every month after that till the repairs are done & you get the home refinanced by a conventional lender?